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Our Bureau

Bangalore , Jan 10

AZTEC Software Ltd, provider of offshore product development services, said today that its revenues and net profits for the third quarter ended December 31, 2005 more than doubled over the corresponding quarter last year.

Net profits for was at Rs 9.96 crore, (Rs 4.65 crore). Revenues were up at Rs 52.98 crore (Rs 25.59 crore). Sequentially, net profit and revenues were up by a little over 10 per cent each.

The MD & CEO of Aztec, Mr V, Chandrasekaran, told Business Line that the volume growth was broadbased coming from both existing and new customers. "Looking ahead, we are poised to sustain this growth momentum," he said, adding the company saw great traction with software product vendors.

Tracking the Q3 results, Aztec shares ended lower by 3.32 per cent to close at Rs 193.45 on the Bombay Stock Exchange. The company suffered a foreign exchange loss of Rs 44 lakh during the quarter.

Aztec added 10 new clients during quarter, taking its overall active client base to 68. It also signed up its first client in the wireless domain, launched about four months ago. "We feel that wireless and embedded technology is the growth area two years ahead and we are building capabilities by getting our people trained," he said.

Offshore contributed around 85 per cent of the company's revenues. Aztec has managed to get 8-15 per cent hike in pricing from several of its customers, Mr Chandrasekaran said.

The company added 123 people during the quarter to increase its total headcount to 1,890. Aztec expects its 700-seat facility in Bangalore to be ready by September-end .

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